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Nine EPF subsidiaries see losses third year in a row: A-G report | Scoop
The Auditor-General's Report 1/2025 has stated that nine EPF subsidiaries suffered losses for the third consecutive year since 2021. – Scoop file pic, February 25, 2025
News

Nine EPF subsidiaries see losses third year in a row: A-G report

Companies suffer losses of RM224.21 mil last year, RM76.51 mil in 2022, RM49.76 mil in 2021

Bernama
Updated
9:25 AM MYT

 

KUALA LUMPUR – Nine Employees Provident Fund (EPF) subsidiaries had suffered losses for three consecutive years since 2021, with total losses in 2023 amounting to RM224.21 million. 

The Auditor-General’s Report 1/2025 (A-G report) stated that the nine subsidiaries suffered losses of RM76.51 million in 2022 and RM49.76 million in 2021. 

The companies that suffered losses are KWASA Europe S.à r.l, which recorded the highest loss of RM158.42 million in 2023, followed by Ameen Direct Equity I, L.P (RM25.61 million), KWASA Europe-I S.à r.l (RM14.40 million), Naungan Sentosa Sdn Bhd (RM11.88 million), Kwasa Utama Sdn Bhd (RM8.61 million), YTR Harta Sdn Bhd (RM2.70 million), Kwasa Singapore Duo Pte Ltd (RM1.36 million),  PPNK – Harta Sdn Bhd (RM840,000) and Common Icon Sdn Bhd (RM390,000). 

According to the audit report, three EPF subsidiaries, namely KWASA Europe, KWASA Europe-I and Naungan Sentosa suffered losses due to the capital structure of the subsidiaries, which are largely in the form of shareholder loans. 

“The EPF, as the sole shareholder of the company, gets a return in the form of income interest which is used to pay dividends to contributors. 

“Meanwhile, Ameen Direct Equity I is a newly established fund in 2021 with a long-term investment focus and has not yet generated enough income to cover operating expenses,” the report said. 

According to the AG report, the EPF was audited without reprimands but the report recommended that federal agencies strengthen revenue generation efforts to continue operations based on continuous efforts and reduce reliance on government grants. 

The report also recommended that federal agencies review the direction and business plans of subsidiary companies that have suffered losses for three consecutive years and have not provided proper returns.  

The EPF owns a total of 55 subsidiaries, of which 34 recorded profits in 2023. – February 25, 2025

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